Saudi Govt Approves Vast Economic Reform PlanSource: www.export-egypt.com 4/25/2016, Location: Middle East |
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 The Saudi government approved a plan for vast economic reforms dubbed "Saudi Vision 2030" to substantially reduce the OPEC kingpin's reliance on oil, the official SPA news agency reported.
The plan, details of which were to be announced later, focuses on privatisations, further reductions in subsidies, the sale of part of state oil giant Aramco and the creation of a giant $2 trillion Sovereign Wealth Fund, SPA reported. Last December, the oil-rich kingdom announced raising petrol prices by more than 50 percent for some products as it cuts a range of subsidies after posting a record budget deficit of 367 billion riyals ($97.9 billion) in 2015. |
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